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Front Page » Top Stories » Danish Insurer May Set Up Shop In Coral Gables

Danish Insurer May Set Up Shop In Coral Gables

Written by on December 4, 2003

By Samantha Joseph
International Health Insurance Danmark A/S executives are meeting this week with Coral Gables officials to discuss opening a regional headquarters there.

Stephen Albee, the city’s business development administrator, confirmed that a delegation from an insurance corporation would tour potential office sites and discuss general logistics of the company’s first venture into a US market.

State insurance-regulation spokesman Bob Lotane said Tuesday that Danmark acquired a license Oct. 21 to operate in South Florida.

The life and health insurer will be the first foreign-based international insurance company to establish headquarters in Florida, Mr. Lotane said. Two other firms, Best Meridian Insurance Co. and Amedex Insurance Co., both based in South Florida, serve foreign markets.

If this week’s talks are successful, Danmark could open its Florida offices by April. The local operation would provide support services for its European parent company.

The Danish company employs more than 5,000 people worldwide, and six to 10 are expected to work in its Florida subsidiary. Danmark reported $12 million in income last year and assets around $147 million, according to Florida public records.

Mr. Albee said city officials pursued Danmark as part of a marketing plan to target more than 1,000 international companies in an effort to expand Coral Gables’ reputation as a center of international commerce.

On Tuesday, he said, "We’re almost there."